She's describing her plans to her fiancé, how Mr. Dwight, her publisher, lauds her talent, and how she wants to travel the world, especially to France, so as to feed her inspiration.
She also wants to marry her young fiancé the following week, being convinced that their financial future is settled thanks to the inevitable success of her first book, The Chelsea Set.
Throughout the story, the narrator, who, the reader gathers, is himself a writer, makes sarcastic or cynical comments about the young woman's ambition and youthful enthusiasm.
He is both jealous of the girl, because she is at the beginning of something and still has the ability to dream her future, and sympathetic, because she's young enough to be his daughter and he would like to communicate his experience to her so as to preserve her from disappointments.
Lastly, the Japanese gentlemen's presence, and the elaborate formality with which they communicate with one another and celebrate, contrasts sharply with the ferocious discursive dispute that opposes the young woman and her fiancé, and which she wins, at least rhetorically but fails to fulfill her supposed "powers of observation" by failing to notice the presence of the Japanese gentlemen as her fiancé does.